The world of cannabis saw massive growth in 2021 and 18 states plus D.C. officially legalized the adult-use of cannabis by the end of the year. Thirty-one states plus D.C. had taken decriminalization measures regarding cannabis by the end of 2021. As of late 2021…
marijuana is classified at the U.S. federal level as a Schedule I substance under the Controlled Substances Act. In other words, cultivating, distributing, and possessing cannabis remains illegal at the federal level.
In addition, here is a quick summary of the major (and action-worthy!) cannabis stock news from this week:
Village Farms International, Inc. (NASDAQ:VFF) released its fourth quarter of 2021 financial results on Tuesday, March 1. According to Village Farms’ CEO, “In the fourth quarter, we once again saw strong year-over-year growth in sales and adjusted EBITDA, with positive adjusted EBITDA contributions from each of our Canadian Cannabis, US Cannabis and Village Farms Fresh (produce) businesses for the second consecutive quarter.”
Cronos Group Inc. (NASDAQ:CRON) also released fourth quarter of 2021 financial results on March 1. Per Cronos Group’s CEO, “Our fourth quarter 2021 results indicate positive momentum, which we will look to carry forward as we begin to implement our strategic and operational realignment initiatives. As we look to 2022, we will continue to realign Cronos Group’s organizational structure to match our strategy, with a primary focus on adult-use products and elevating our brands through rare cannabinoids.”
The Valens Company Inc. (NASDAQ:VLNS) released fourth quarter of 2021 financial results on Tuesday. According to Valens’ CEO, “This quarter showcases the progress we have made in our business plan in key areas despite a competitive and challenging operating environment in Canada and globally. Net revenue slightly declined quarter-over-quarter, as we completed the transition of our B2B business to align with the ‘fewer, bigger, better’ strategy and was negatively impacted by the floods in British Columbia which resulted in supply chain disruptions. However, in our two key revenue segments, we are very pleased with the industry leading growth in provincial sales revenue and the full quarter revenue generated by our Green Roads US CBD business. With the B2B transition largely behind us, we expect to have more sustained growth in 2022.”
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) released fourth quarter of 2021 financial results on Tuesday, March 1. Per Zynerba’s CEO, “In 2022, we look to build on last year’s progress as we continue to enroll patients in our confirmatory pivotal Phase 3 trial in Fragile X syndrome, initiate a Phase 3 program in autism spectrum disorder and report topline results in our Phase 2 trial in 22q11.2 deletion syndrome. We are committed to achieving our goal of bringing the first pharmaceutical product indicated for the treatment of behavioral symptoms of Fragile X syndrome to market, as well as advancing Zygel in other rare and near rare neuropsychiatric indications.”
On Tuesday, Organigram Holdings Inc. (NASDAQ:OGI) announced that it had received an investment from BAT of $6.3 million CAD, increasing BAT’s equity position in Organigram up to 19.5%.
GrowGeneration Corp. (NASDAQ:GRWG) released fourth quarter of 2021 financial results on Tuesday, March 1. Revenues increase nearly $30 million year-over-year in Q4 and over $200 million year-over-year compared to 2020. According to GrowGen’s CEO, “In order to position the company for 2022 and beyond, we have made several strategic decisions to…
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